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Try it nowPensions Dashboards: bringing all your pensions together
When launched, it is planned to enable pension savers to view all their pension information in one place online – on their pension dashboard.
The project is expected to revolutionise the way savers plan for retirement and to encourage them to make the most of their savings. It started in 2019 and the dashboard is expected to open in 2023.
In an update released on 31 January 2022, the Department for Work and Pensions (DWP) published a new consultation which shone a light on a timeline for the launch of the Pensions Dashboard and a few more important updates.
Here’s what the consultation revealed about how the dashboard is expected to work and when pension savers will be able to use it.
Schemes will join in three waves
Although there is no confirmed launch date yet, the DWP has said the launch process will be staggered and pension schemes will join the dashboard in three waves. Large schemes (1,000+ members), will be the first ones to join between April 2023 and September 2024, followed by medium schemes (100 to 999 members) between October 2024 and October 2025. The smallest schemes (under 100 members) are expected to come on board from 2026.
The FCA will be the watchdog
The Money and Pensions Service (MaPS) has said it is currently working to deliver the digital architecture of the dashboards. As the project progresses, more operators will be needed to jump on board and help out. To do that, they will need to become a Qualifying Pensions Dashboard Service (QPDS). A QPDS will need to meet certain requirements and must get authorisation and be regulated by the Financial Conduct Authority (FCA).
You’ll be able to view your state pension from day one
All the information on your state pension will be available for you to view on your pension dashboard too. From the date you become eligible for the state pension - to the forecasted state pension amount - to the estimated amount based on your national insurance record – it should all be included.
Financial advisers will be given access to clients’ dashboards
Regulated financial advisers and guidance specialists will be granted access to their clients' dashboards. However, they’ll need to obtain permission in order to access client’s information. Pension savers will be able to remove advisers from seeing their dashboard at any time.
More information on the Pension Dashboards project is available at https://www.pensionsdashboardsprogramme.org.uk/
Matt Riley
Manager
Matt joined Zedra Governance Limited (formerly PTL) in January 2008 having previously worked for Mercer Limited, Hazell Carr and Prudential.
As a Manager for the company's Birmingham Office, Matt’s responsibilities include working closely with Client Directors and individually liaising with Employers, Trustees and Members to ensure the smooth running of their pension schemes. Matt’s current portfolio of clients covers ongoing, paid-up and winding-up schemes. In addition, Matt has experience of schemes that have transferred or are in the process of transferring to the Pension Protection Fund and Financial Assistance Scheme. Matt also works closely with clients in relation to risk registers and internal controls.
Matt particularly enjoys resolving issues in a fair and pragmatic way ensuring that the right result is reached for the member or employer.
Sam Burden
Client Director
Sam Burden joined Zedra Governance (formerly PTL) in 2022. He is an Accredited Professional Pension Trustee (AMAPPT) and an Associate of the Pensions Management Institute (APMI)
Sam has more than 25 years’ experience in the pensions industry gained with WTW, KPMG, and Standard Life working with a wide range of pension schemes and sponsoring employers. His trustee appointments include DB, DC and hybrid pension schemes and he has experience of handling a broad range of projects relating to the management of pension schemes.
Beyond his pensions experience Sam is a former Birmingham City Councillor where he chaired the audit committee and a current charity trustee.
Payam Kazemian
Client Director
Payam Kazemian joined Zedra Governance Limited (formerly PTL Governance Limited) in 2021. He is an Accredited Professional Pension Trustee (AMAPPT) and an Associate of the Pensions Management Institute (APMI).
Payam has more than 17 years of experience in the pensions industry. Through his current role as a professional trustee, as well as previously as a pension’s de-risking and investment structuring expert at financial institutions including Goldman Sachs and Deutsche Bank, he has had overall responsibility for creating investment, de-risking, journey planning, and governance solutions for a wide range of UK DB pension schemes. He currently holds a number of board positions (as Chair of Trustees) and sole trustee in his professional trustee capacity. Payam has been involved with a number of pensions projects including pensions buy-in, pensions buy-out, GMP equalisation, investment strategy reviews, and dialogue with the pensions regulator. Payam looks to create and believes in a collaborative relationship between the sponsor, the trustee, and all other parties involved as this results in best member outcomes and helps deliver pragmatic solutions for scheme. Aside from his pensions experience, Payam holds a Ph.D. in Materials Science from the University of Cambridge.
